GAMMA Investing LLC Raises Stake in Progyny, Inc. (NASDAQ:PGNY)

GAMMA Investing LLC raised its stake in shares of Progyny, Inc. (NASDAQ:PGNY) by 341.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,611 shares of the company’s stock after buying an additional 1,246 shares during the quarter. GAMMA Investing LLC’s holdings in Progyny were worth $28,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP boosted its stake in Progyny by 1,900.0% during the second quarter. Quarry LP now owns 880 shares of the company’s stock valued at $25,000 after buying an additional 836 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progyny in the 2nd quarter valued at about $44,000. Mendota Financial Group LLC purchased a new stake in shares of Progyny in the 3rd quarter valued at about $56,000. Meeder Asset Management Inc. bought a new stake in shares of Progyny during the 3rd quarter valued at about $77,000. Finally, Cetera Trust Company N.A grew its holdings in shares of Progyny by 30.0% during the third quarter. Cetera Trust Company N.A now owns 7,210 shares of the company’s stock worth $121,000 after purchasing an additional 1,665 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Leerink Partners lowered their price objective on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research report on Thursday, September 19th. JPMorgan Chase & Co. restated a “neutral” rating and set a $17.00 price target (down previously from $22.00) on shares of Progyny in a research report on Monday, December 2nd. Bank of America cut their price objective on Progyny from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Truist Financial reiterated a “hold” rating and set a $19.00 price objective (down from $26.00) on shares of Progyny in a research report on Wednesday, November 13th. Finally, Barclays dropped their target price on Progyny from $30.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, November 14th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Progyny has an average rating of “Hold” and an average price target of $25.00.

Insiders Place Their Bets

In related news, CEO Peter Anevski purchased 209,500 shares of Progyny stock in a transaction dated Monday, December 23rd. The stock was purchased at an average cost of $14.48 per share, with a total value of $3,033,560.00. Following the transaction, the chief executive officer now owns 441,463 shares in the company, valued at approximately $6,392,384.24. The trade was a 90.32 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David J. Schlanger purchased 150,000 shares of the stock in a transaction dated Thursday, December 26th. The stock was purchased at an average price of $14.68 per share, for a total transaction of $2,202,000.00. Following the completion of the acquisition, the chairman now directly owns 228,269 shares in the company, valued at approximately $3,350,988.92. This represents a 191.65 % increase in their position. The disclosure for this purchase can be found here. 12.30% of the stock is owned by insiders.

Progyny Stock Performance

Shares of NASDAQ PGNY opened at $20.04 on Wednesday. The company has a market cap of $1.71 billion, a P/E ratio of 34.55, a P/E/G ratio of 1.64 and a beta of 1.31. Progyny, Inc. has a 52-week low of $13.39 and a 52-week high of $42.08. The firm’s fifty day moving average is $15.75 and its two-hundred day moving average is $19.74.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). Progyny had a return on equity of 11.36% and a net margin of 5.03%. The business had revenue of $286.63 million during the quarter, compared to the consensus estimate of $296.85 million. During the same quarter in the prior year, the firm posted $0.16 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. As a group, analysts forecast that Progyny, Inc. will post 0.59 EPS for the current fiscal year.

About Progyny

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.